Commentary & Deal Flow

Launched: Long 20yr: €4bn @ SPGB+7bp - Order book in excess of €82bn (incl. €3.7bn JLM interest)
Spread set at: Long 20yr: SPGB+7bp
Guidance: Long 20yr: SPGB+10a

• Issuer: The Kingdom of Spain
• Issuer Ratings: A+/A/A3/AH/A (stab/stab/stab/stab/pos) (S&P/Fitch/Moody's/DBRS/Scope)
• Format: Obligaciones del Estado (in dematerialised book entry form), Green Bond, Reg S Cat 1, 144A eligible, CACs
• Size: €4bn
• Ranking: Senior Unsecured
• Bookrunners: Barc/BBVA/CACIB/JPM/MS/Santander (B&D/DM)
• Maturity: 30-Jul-47
• Settlement: 15-Sep-26 (T+5)
• Coupon: Fixed, annual ACT/ACT, short first to 30-Jul-27
• Spread Set: SPGB 3.45 30-Jul-43 (mid) +7bp
• Denom/Listing/Law: €1k+1k / Madrid (AIAF Mercado Renta Fija) / Spanish Law
• Docs: Exempt from prospectus requirements in Spain. Spanish public debt tax regime. No events of default. No tax gross-up.
• Target market: Retail / Professional / Eligible Counterparties (all distribution channels)
• UOP: The proceeds of the Green bond will be used in accordance with the Kingdom of Spain’s updated Green Bond Framework.
• ISIN: ES0000012S30
• Timing: Books open, Today's business
• Books Close: 10:00 Ldn / 11:00 CET